Investing in the rental market can be a prudent way to build up your financial portfolio. Like anything worth doing, however, there’s the wise and thoughtful path and the hit or miss impulsive path. Taking time to study the industry and industry tools before you jump in pays off. Frankly, with the changes in technology, even seasoned investors can find it worthwhile to keep learning.
Books:
Ben Mizes, the founder of Clever Real Estate, offers this list of, in his opinion, the 7 best books on rental property investing for beginners. His list includes books, such as:
- Long-Distance Real Estate Investing by David Greene
This book provides insight into the basics of learning to read real estate market trends. It also gives excellent advice on successfully investing out-of-state, including how to build your long-distance team.
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How to Be a Real Estate Investor by Phil Pustejovsky
An easy-to-follow step by step guide to becoming a real estate investor –no matter your financial situation or your experience.
- Every Landlord’s Legal Guide by Marcia Stewart, Ralph Warner, & Janet Portman
This insightful read includes a detailed overview of state laws and rules, plus help with common rental issues, such as collecting rents, evicting tenants, preparing leases, maintenance, and hiring a property manager.
- What Every Real Estate Investor Needs to Know About Cash Flow—And 36 Other Key Financial Measures by Frank Gallinelli
As the title suggests, this is an extensive overview of how to manage your finances via specific formulas, insights from analysis and data, and crunching the numbers.
Blogs:
There are multiple blogs for landlords. Some of the best include:
- Bigger Pockets – This site offers second to none resources for landlords and property managers, even beyond their blog. They have forums, guides, and webinars.
- Landlordology – An educational blog, and resources for landlords, property managers, and renters.
- Arpola (The American Rental Property Owners and Landlords Association) – Offers blog posts on every subject imaginable for rental property investors.
Technology:
Evaluate the technological tools available for property management – even if you hire a property management service, it pays to be in the know.
- Cozy – for the beginning investor with one or two properties
- Buildium – a solution that suited for the investor with a couple of properties under his/her belt.
- AppFolio Property Manager – accommodates those with a well-developed portfolio of properties
While books, blogs, and technology are great resources to help you step into the rental property market, personal advice and consulting also pays off. Consider connecting with a property management company. They not only offer sound advice, but also provide a variety of services to help you manage your rental investments well. A reliable property management company, like Rentals America, will adjust with you as you grow. You can choose which services you want to handle yourself and which ones you want the experts to cover. Contact us today and get your questions answered.
